Aston Martin ties up with Lucid on EV tech
STORY: Aston Martin shares jumped as much as 15% on Monday (June 26).
That after news the UK luxury car maker has struck up an alliance with U.S. electric vehicle maker Lucid.
The agreement sees Aston give the Tesla rival a small stake, in return for access to its high-performance technology.
That could help the British brand develop its first EV, which is due to hit dealerships in 2025.
Its core range of models is then due to be fully electric by 2030.
But the cost of going electric is proving astronomical for carmakers - and a big headache for smaller brands like Aston Martin.
Until now it had been leaning on Mercedes to provide the tech it needed.
But in a separate statement Monday, Aston said the German giant would not now proceed with a plan to increase its stake in the firm.
The British company already shares an investor with Lucid, which makes high-end EVs.
Saudi Arabia’s Public Investment Fund is the top shareholder in the U.S. firm, and the number two at Aston.
The PIF last month provided the majority of funds for a $3 billion stock offering by Lucid.
That could prove crucial at a time when it’s battling mounting losses and a price war sparked by Tesla.
Meanwhile, Aston has also won investment from Geely.
That should give it access to the Chinese auto giant’s technology and parts.
